In order to keep blood sugar levels in check, diabetics must give themselves multiple finger prick blood tests throughout the day.

Sources familiar with the matter toldCNBC the technology will use optical sensors that will work by "shining a light through the skin to measure indications of glucose".

Jobs' vision included wearables that can be used to monitor a person's vitals like oxygen levels, blood glucose, and heart rate.

About 29 million people, or more than 9 percent of the population of the United States alone, were believed to have diabetes as of 2014, with a staggering 8.1 million people undiagnosed. To accurately be able to measure glucose level would be a huge breakthrough for Apple and the medical industry as a whole.

The researchers said it would be feasible to screen for undiagnosed diabetes in dental practices, focusing on people with the most severe form of gum disease. CNBCreports that the efforts have been going on for over five years and that the tech giant is looking at finding ways to navigate regulatory pathways. That would mean big profits not just for Apple devices, but also perhaps from licensing the technology to other medical firms for use in hospitals and other applications. The sensors could be incorporated into devices, such as the Apple Watch, to provide diabetic wearers with continuous blood monitoring.

Apple's shares went up on the news, apparently, people had thought that Apple had run out of other people's ideas to develop and this changed their minds.

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